The Commonwealth Government has announced the amounts of assistance that it will be paying to power staions to help them cope with the carbon price legislation.
Australia’s dirtiest coal-fired power station are the brown coal stations in the La Trobe Valley – Hazelwood, Yallourn and Loy Yang A and B. They emit an estimated total of 41.9 million tonnes of carbon dioxide annually. This means that, at the legislated rate of $23 per tonne of emmissions, they will have to pay a total of $963.7 million in the next financial year.
The amounts of assistance to these power stations will be:
- Hazelwood: $265,887,649.47
- Yallourn: $257,498,933.37
- Loy Yang A: $240,116,761.67
- Loy Yang B: $116,904,439.63
which adds up to $880,407,784.14. The power stations will get the money in June but pay for their carbon pollution progressively, starting from July – allowing them to invest the cash and make up the slight shortfall in the cash amount.
While this whole process may seem ridulicous, the Opposition claim that pricing carbon pollution will lead to an immediate increase in electricity prices seems even more ridiculous.